Elon Musk revealed that his social media platform X may soon be granted a money transmitter license in New York, taking the firm one step closer to offering payment services.
Elon Musk announced on Wednesday that his social media platform X may soon gain permission for a money transmitter license in New York, bringing the company one step closer to introducing payment functionality.
While speaking at the Morgan Stanley technology, media, and telecom conference, Musk also stated that X might acquire its California license in the next month or so, while New York clearance could be “a few months away.”.
Since purchasing the firm formerly known as Twitter in 2022, the billionaire has attempted to transform it into an “everything app” like Tencent’s (0700.HK), opening a new tab-dominant WeChat app in China with capabilities beyond social networking, including the ability to send money to other X users.
Experts believe that in order to offer services throughout the United States, X will require a money transmitter license in each state, with Musk previously stating that approval in New York and California would be the most important. These populous states are likewise noted for their lengthy approval processes.
Other states, including Pennsylvania and Utah, have already awarded X a money transmitter license.
During the meeting, the billionaire, who also oversees Tesla (TSLA.O), opens a new tab, and SpaceX announces that X is considering deleting the number of likes and reposts that are now available on each posting.
He suggested the information could visually clutter the platform’s content.
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